ESMA has Issued Guidelines on Marketing Communication
Published 22 October 2021
Category: AIFs
The purpose of the guidelines is to specify the application of the requirements for marketing communications set out in the Regulation on cross-border distribution of AIFs. Accordingly, marketing communication addressed to investors must be identifiable as such and describe the risks and rewards of purchasing shares of an AIF in an equally prominent manner, and information included in the marketing communications must be fair, clear, and not misleading.
The guidelines apply to all marketing communication addressed to investors or potential investors for AIFs, including amongst others when they are set up as EuVECAs.
The online aspects of marketing communication are considered as well. For instance, the guidelines specify that it must be clear that the communication has a purely marketing purpose. On social media platforms, where such disclaimer does not fit the format and length, the marketing purpose may be identified by the word “#MarketingCommunication”. Also, in case of short marketing communication, such communication shall be as neutral as possible and indicate (by using a link) where more detailed information is available.
Next step: The guidelines are effective from 2 February 2022 and will be updated periodically.
Read our latest article on pre-marketing here.
Also tagged ‘Cross-Border’
EU Proposal to expand the EU FDI-regulation
The European Commission has published a first draft of a revised regulation on the screening of foreign direct investments (“FDI”).
Cross-BorderGovernanceNew countries have been added to the EU tax blacklist
On 14 February 2023, the British Virgin Islands, Costa Rica, the Marshall Islands, and the Russian Federation have been added to the EU tax blacklist by the EU Council.
Cross-BorderGovernanceNew development in Green Deal Industrial Plan
On 9 February 2023, a summit was held in the European Council in which, among other things, a green industrial plan and other measures to secure EU’s competitiveness going forward were discussed.
Cross-BorderGovernanceSustainabilityEU unveils plan for future Net-Zero Industry Act and European Sovereignty Fund
Recently, the EU Commission presented a plan for a Net-Zero Industry Act and a European Sovereignty Fund as part of a bigger Green Deal Industrial Plan. The initiatives shall be seen in connection with the European Green Deal and the goal of making EU climate neutral by 2050.
Cross-BorderGovernanceSustainabilityEU Legislation Takes Action Against Greenwashing
Lately, EU has sharpened its focus on preventing greenwashing as well as strengthening the sustainability reporting requirements. One step, among others, is the recent passing of the CSRD. Another is a proposal published in March 2022 by the European Commission with amendments for the Directive 2005/29/EC on Unfair Commercial Practices (UCPD) as well as the Directive 2011/83/EU on Consumer Rights.
Cross-BorderDanish RegulationSustainabilityDanish FSA Clarifies New Pre-Marketing Rules
The pre-marketing rules provided by the Cross Border Directive was transposed into Danish law on 1 July 2021.
AIFMDCross-BorderPre-MarketingNew Rules Preclude Sub-Threshold Fund Managers and Semi-Professional Investors from Pre-Marketing
On 1 July 2021, new rules governing pre-marketing activities of managers of alternative investment funds entered into force in Denmark. The new legislation incorporates the pre-marketing definition and requirements of the Cross-Border Directive into Danish law.
AIFMDCross-BorderPre-MarketingCommission Delays Application Date for the ESG Disclosure and Taxonomy Regulations
The Commission has postponed the date of application of the detailed regulatory technical standards (RTS) under the ESG Disclosure Regulation and the Taxonomy Regulation by six months from 1 January 2022 to 1 July 2022.
ComplianceCross-BorderDanish RegulationCommission Clarifies Questions of Interpretation Regarding ESG Disclosures
The Commission has answered a number of questions from the European Supervisory Authorities (ESAs) regarding the ESG Disclosure Regulation.
ComplianceCross-BorderDanish RegulationNew Pre-Marketing Regime has been Transposed into Danish law
The new pre-marketing regime provided by the Cross-Border Directive has by 1 July 2021 been transposed into Danish law.
AIFMDCross-BorderPre-MarketingNew Danish Act on Screening of Foreign Direct Investments
The new act on control of foreign direct investments (the “Act”) was adopted on 4th May 2021. The Act introduces a new framework for government screening of foreign investments and certain types of agreements with Danish companies.
ComplianceCross-BorderDanish RegulationRuling on Taxation of SAFE
On 23 October 2020, the Danish Tax Agency published a ruling from the Danish National Tax Board regarding taxation of a SAFE (Simple Agreement for Future Equity) issuable by a US company.
Cross-BorderVenture CapitalPre-marketing of AIFs and EuVECA Funds
Following the recent amendments to the AIFM Directive (“AIFMD”) and the EuVECA Regulation, this article discusses the new rules on pre-marketing covering both AIF and EuVECA Funds.
AIFMDCross-BorderPre-MarketingCouncil Approves Regulation on Cross-Border Distribution of AIFs
On 14 June 2019 the Council adopted the new regulation on facilitating cross-border distributions of AIFs.
Cross-BorderMarketingPre-MarketingVenture CapitalNew Directive to Amend AIFMD has been Adopted
On 14 June 2019 the Council adopted the new directive amending i.a. the Alternative Investment Fund Managers Directive (AIFMD).
AIFMDCross-BorderMarketingPre-MarketingRetail InvestorsVenture CapitalEU Parliament Approves Final Compromise to Amend AIFMD
Highlights include a definition of pre-marketing, rules on de-notification in countries with no investor interests and rules on facilities made available to retail investors.
AIFMDCross-BorderMarketingPre-MarketingRetail InvestorsCross-Border Distribution of Collective Investments Undertakings
On 16 April 2019, the European Parliament adopted the European Commission's initiatives to improve the efficiency of cross-border distribution of Alternative Investment Funds (AIFs) and EuVECA funds by increasing transparency and harmonising diverging national rules.
AIFMDCross-BorderMarketingPre-MarketingRetail InvestorsVenture CapitalEU Parliament Approves Final Compromise on Proposed Regulation on Cross-Border Distribution of AIFs
The new regulation establishes uniform rules on i.a. fees and charges, and it amends the EuVECA regulation to include a pre-marketing definition.
Cross-BorderMarketingPre-MarketingOther updates
New bill regarding changes to access to information on beneficial owners submitted for consultation
On 23 January 2025, a draft bill regarding amendments to the Danish Act on the Central Business Register, the Danish Companies Act, and various other laws was submitted for consultation.
Venture CapitalESMA consults on proposals to digitalise sustainability and financial disclosures
The European Securities and Markets Authority has published a consultation paper seeking stakeholders’ view on how the European Single Electronic Format can be applied to sustainability reporting for the purpose of easing the burden associated with financial reporting.
ESMARegulatory Technical StandardsSustainabilityNew Q&As on application of Guidelines on funds’ names
ESMA has published Q&As for Guidelines on funds’ names using ESG or sustainability-related terms.
ESMASustainabilityReport on investing for transition benchmarks
The Platform on Sustainable Finance has published a report on Investing for Transition Benchmarks proposing two voluntary benchmark labels.
SustainabilityProposal for categorisation of products under the SFDR
The EU Platform on Sustainable Finance has published a briefing note for the EU Commission outlining how a categorisation system for sustainable finance products could be set up and calibrated.
SFDRSustainabilityRepeal of rules regarding shareholder loans and other amendments to the Danish Companies Act
On 19 December 2024, the Danish Parliament has adopted the amendment acts L71 and L72 regarding amendments to the Danish Companies Act and other Danish laws.
Venture Capital